Ten Principles of Economics & How Markets Work1Society use’s Economic’s in about every aspect of life, whether they know it or not. Million’s offamilies must make the hard decisions between buying food for the family or a car of their dreams. Learn-ing to balance trade-off’s is not as easy as people think, but learning how to make these hard decisions isa part of life. Economics is “the study of how society manages's its scarce resources” (Mankiw, N. G.(2015). Scarcity describes the limited resources that each community encounters, and economists studyhow this scarcity affects people’s decisions and actions. This study has led to the development of the TenPrinciples of Economics. The Ten Principles of Economics The ten principles of economics is an overview of how the core fundamentals of the economy work. Theten principles can be divided into three separate categories to help better understand each one individu-ally. The three categories are: How People Make Decisions, How People Interact and How The Economyas a Whole Works. All three of these categories make up what ten principles of economics are.

This is the end of the preview.
Sign up
to access the rest of the document.

What students are saying

As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

Kiran
Temple University Fox School of Business ‘17, Course Hero Intern

I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

Dana
University of Pennsylvania ‘17, Course Hero Intern

The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.